Banks urged to increase access

A COALITION of charities and community groups has called on banks to increase access to financial services for the millions of people who are currently excluded.

The Better Banking Campaign said up to seven million people could not access mainstream credit, such as overdrafts, loans and credit cards, while nearly 1.8 million people did not have even a basic bank account.

As a result, it said these people were being forced to borrow money from payday lenders and home credit companies, which often charged interest equivalent to 2,500 per cent a year.

Steve Wyler, spokesman for the campaign, said: "Most people believe access to bank accounts and affordable credit are basic rights."